Shares of Nio Inc. dropped 1.7% in active premarket trading Tuesday, putting them on track to snap a record-long eight-day winning streak. Volume was 680,000 shares just less than two hours before the open, enough to make the stock the most actively traded in the premarket. The China-based electric car maker’s stock had rocketed 44% in eight days through Friday, the longest streak of gains since the stock went public on Sept. 13, 2018, and beating the seven-day win streak through Feb. 1, 2019, when the stock surged 20.6%. On Friday, the stock had climbed 6.9% after the company disclosed that its largest shareholder, Scotland-based investment manager Ballie Gifford & Co., had increased its stake to 13.13% of Nio’s shares outstanding, up from 11.04% as of Feb. 5, 2019. Also helping to boost the stock this year were upbeat reports that Nio had secured about $1 billion in funding, upbeat December deliveries data and a surge in U.S. rival Tesla Inc. shares to record highs. Nio’s stock has nearly tripled (up 176.3%) over the past three months through Friday, while Tesla shares have doubled (up 101.4%) and the S&P 500 has edged up 10.7%.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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